International Energy Agency

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Marine Technology, Shipbuilding 21-Mar-2024

Tanker Market Strengthens Despite Slowing Oil Demand Growth

In the Supply/demand balance For crude tankers, BIMCO forecasts the supply/demand balance will tighten further during both 2024 and 2025. Low fleet growth, along with increasing sailing distances, create the foundation for the improvement despite a slowing of growth in oil demand. The product tanker supply/demand balance is also expected to tighten in 2024 but weaken in 2025. Like the…

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Marine Technology, Shipbuilding 21-Mar-2024

Tanker Newbuild Contracting to Hit a 10-Year High by 2025

During the first 8 months of 2023, contracting of product tanker newbuilds hit a 10-year high, reaching 140 ships and 10.72 million deadweight tons (DWT). The last time more than 10 million DWT were contracted from January to August was in 2013. Newbuild tanker contracting activity during the past  5 years has been low at about 5.46 million DWT per…